What Is An Estate Plan?
An Estate Plan generally refers to a set of legal documents that are designed to: protect your personal and financial interests while you are alive, set forth your end of life decisions and instructions, and ensure that your assets are transferred to whom you wish, in the amounts your choose, after you die.
A typical Estate Plan is comprised of four separate documents:
(1) TRUST
This instrument is the centerpiece of an Estate Plan. It is the main vehicle through which assets will be transferred to beneficiaries privately, outside of Court.
(2) Power of Attorney for Financial Management
This is the document that appoints an Agent to manage your finances and personal care if you become unable to.
(3) Advance Health Care Directive
This is the document that sets forth your end-of-life medical decisions, preferences, and memorial service instructions.
(4) “Pour-Over” Will
This Will operates as a safety net to catch any assets that are not in the Trust, so that they may be returned to the Trust and distributed according to its terms.